07 August 2024
Scripbox, a mutual fund distributor based in Bengaluru, has recently introduced direct mutual funds on its platform. Established in 2012 and supported by Accel, the startup has been distributing mutual funds since its inception.
With direct mutual funds, investors can now purchase mutual funds directly from asset management companies (AMCs) without having to pay any commission to the platform. As a usual practice, Scripbox charges a small fee to its customers for its services.
The startup has also launched a subscription fee-based advisory product for its direct clients, helping them choose the right funds.
According to Sanjiv Singhal, cofounder of Scripbox, advisory services were previously available only to the startup's high net worth individual (HNI) clients and are now accessible on the app for retail investors. The company will use technology to suggest the right funds based on the investor's financial plan and will not assign a physical executive to serve its clients. Scripbox currently manages assets under management (AUM) of Rs 18,500 crore and serves nearly one lakh clients, with around 15,000 of these clients being high HNIs served through physical agents by the platform. The startup has approximately 200 employees located in various major cities across the country, including Mumbai, Pune, and Chandigarh, in addition to its Bengaluru headquarters.
Scripbox, a mutual fund distributor based in Bengaluru, has recently introduced direct mutual funds on its platform. Established in 2012 and supported by Accel, the startup has been distributing mutual funds since its inception.
With direct mutual funds, investors can now purchase mutual funds directly from asset management companies (AMCs) without having to pay any commission to the platform. As a usual practice, Scripbox charges a small fee to its customers for its services.
The startup has also launched a subscription fee-based advisory product for its direct clients, helping them choose the right funds.
According to Sanjiv Singhal, cofounder of Scripbox, advisory services were previously available only to the startup's high net worth individual (HNI) clients and are now accessible on the app for retail investors. The company will use technology to suggest the right funds based on the investor's financial plan and will not assign a physical executive to serve its clients. Scripbox currently manages assets under management (AUM) of Rs 18,500 crore and serves nearly one lakh clients, with around 15,000 of these clients being high HNIs served through physical agents by the platform. The startup has approximately 200 employees located in various major cities across the country, including Mumbai, Pune, and Chandigarh, in addition to its Bengaluru headquarters.
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